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Publishers

OPEC

Organization of the Petroleum Exporting Countries

Helferstorferstraße 17

1010 Vienna

Austria

Telephone: +43 1 211 12/0

Telefax: +43 1 216 4320

Contact: The Editor-in-Chief, OPEC Bulletin

Fax: +43 1 211 12/5081

E-mail:

prid@opec.org

Website:

www.opec.org

Website:

www.opec.org

Visit the OPEC website for the latest news and infor-

mation about the Organization and back issues of the

OPEC Bulletin

which are also available free of charge

in PDF format.

OPEC Membership and aims

OPEC is a permanent, intergovernmental Organization,

established in Baghdad, on September 10–14, 1960,

by IR Iran, Iraq, Kuwait, Saudi Arabia and Venezuela. Its

objective — to coordinate and unify petroleum policies

among its Member Countries, in order to secure a steady

income to the producing countries; an efficient, economic

andregularsupplyofpetroleumtoconsumingnations;and

a fair return on capital to those investing in the petroleum

industry. Today, the Organization comprises 14 Members:

Qatar joined in 1961; Libya (1962); United Arab Emirates

(Abu Dhabi, 1967); Algeria (1969); Nigeria (1971); Angola

(2007); Equatorial Guinea (2017). Ecuador joined OPEC in

1973, suspended its Membership in 1992, and rejoined in

2007.Indonesiajoinedin1962,suspendeditsMembership

on December 31, 2008, reactivated it on January 1, 2016,

but suspended its Membership again on December 31,

2016. Gabon joined in 1975 and left in 1995; it reactivated

its Membership on July 1, 2016.

Cover

This month’s cover reflects the 172

nd

Meeting of

the OPEC Conference, and the 2

nd

OPEC and non-

OPEC Producing Countries’ Ministerial Meeting

which was held at the OPEC Secretariat in Vienna,

Austria, on May 25 (see feature starting on p4).

O P E C

b u l l e t i n

Vol XLVIII, No 3, May/July 2017, ISSN 0474–6279

Conference Notes

Appointments

E lec t ions

OPEC Fund News

Forum

I raq Mission

Oi l Show

Energy Dialogue

Techni cal Meet ing

Market Insight

Inter vi ew

Stat ist ical Meet ing

4

14

18

22

25

26

28

30

34

38

42

44

46

55

56

62

66

68

74

78

The 172

nd

Meeting of the OPEC Conference

OPEC oil ministers discuss market, ambitions at home

2

nd

OPEC and non-OPEC Producing Countries’ Ministerial Meeting

OPEC and non-OPEC countries attend gala dinner

Honouring a legend

OPEC Secretary General welcomes new Crown Prince of the

Kingdom of Saudi Arabia, congratulates new Minister of State for

Energy Affairs

President Rouhani re-elected in landslide election

OFID Director-General receives Lifetime Achievement Award

International Oil Summit 2017

Sixth High-level Meeting of the OPEC-Russia Energy Dialogue

The 3

rd

GCC Petroleum Media Forum

OPEC Secretary General addresses 3

rd

Iraq Energy Forum, meets

with senior Iraqi officials

Iran Oil Show 2017 attracts record numbers of exhibitors

Association supports oil and gas businesses in IR Iran

Iran’s oil, gas, refining and petrochemical industry on the

upswing

OPEC-India Energy Dialogue: Evolving Indian relations

OPEC and non-OPEC extend dialogue with discussions on

US tight oil

Mark Papa’s vision

BP’s Chief Economist shares his views on the oil industry

OPEC Member Countries discuss improving

statistical input at annual meeting

4

28

30

Gulf Intelligence

Contents

ddp images/abaca press